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Watchdog Probes Suspected £18M UK Pensions Fraud

Law360, London (December 19, 2018, 1:03 PM GMT) -- Britain’s pensions regulator said on Wednesday that six people have been questioned in a criminal investigation into a suspected £18 million ($23 million) pension fraud involving “suspicious schemes.”

Fraudsters are believed to have persuaded approximately 370 pension scheme members to transfer their money into eight potentially illegitimate plans, The Pensions Regulator said. The watchdog said there is evidence that the members’ funds have been passed to companies connected to the suspects in the investigation. Police arrested two men on suspicion of fraud offenses, but they have been released.

The regulator said it opened an investigation after several legitimate pension schemes received requests...

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